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I need help with some parts, please. The following balances were taken from the books of Splish Corp. on December 31, 2020. Interest revenue $88,150
I need help with some parts, please.
The following balances were taken from the books of Splish Corp. on December 31, 2020. Interest revenue $88,150 Accumulated depreciation-equipment $42,150 Cash 53,150 Accumulated depreciation-buildings 30,150 Sales revenue 1,382,150 Notes receivable 157,150 Accounts receivable Selling expenses 196,150 152,150 22,150 Prepaid insurance 172,150 Accounts payable Bonds payable Sales returns and allowances 152,150 102,150 Allowance for doubtful accounts 9,150 Administrative and general expenses 99,150 Sales discounts 47,150 Accrued liabilities 34,150 Land Interest expense 62,150 Equipment Notes payable 102,150 102,150 202,150 142,150 623,150 Buildings Loss from earthquake damage Common stock 152,150 502,150 Cost of goods sold Retained earnings 23,150 Assume the total effective tax rate on all items is 20%. Prepare a multiple-step income statement; 100,000 shares of common stock were outstanding during the year. (Round earnings per share to 2 decimal places, eg. 1.48.) SPLISH CORP. Income Statement For the Year Ended December 31, 2020 - Sales Sales Revenue $ 1382150 Less : Sales Returns and Allowances $ 152150 i Sales Discounts 47150 1182850 Net Sales 1182850 Cost of Goods Sold 623150 i Gross Prot/(Loss) 559700 Operating Expenses Selling Expenses 196150 i Administrative Expenses 99150 i 295300 i Income From Operations 264400 Income Before Income Tax Interest Revenue Selling Expenses 196150 Administrative Expenses 99150 295300 Income From Operations 264400 Income Before Income Tax Interest Revenue Net Income /(Loss) Per share of common stock: Earnings Per Common Share List of Accounts Accumulated Depreciation-Equipment Administrative Expenses Bad Debt ExpenseStep by Step Solution
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